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2nd HDB timebomb incoming???
- Thread starter covertbriar
- Start date
https://shrtcô.de/gdotn6
This is exactly what happening in tiongcock now, forcing people to top up money, aka forcing people to be in debt so that banks can meet their quotas.
Leasehold property is not owned it is rented with 99 years rent paid upfront.
Why anyone would think that they are entitled to anything beyond this period?
The lease is actually quite a good deal. You can get 99x12 = 1188 months of accommodation for less than $500,000.
That's less than $420 per month or $105 per week.
In NZ social housing costs at least $300 per week for a 2 room unit.
Why anyone would think that they are entitled to anything beyond this period?
The lease is actually quite a good deal. You can get 99x12 = 1188 months of accommodation for less than $500,000.
That's less than $420 per month or $105 per week.
In NZ social housing costs at least $300 per week for a 2 room unit.
By the 1960s, as population bloomed worldwide, leaders were horrified that many were living in slums, with little utilities provisions & dangerous. Singapore land space is scarce & is premium, thus leaders took the bold step to build hi-rise apartments for its population, taking them away from zinc & attap houses back then, maintain utilities for them, created road links, turn swamp lands into industrial & hi-rise housing. Most of such apartments were sold at cost - $10K to $20K at 99 yr leases.
There was no intention by leaders to profit from such apartments even though Singapore practices Free Market policies. However as each took loans for those apartments, & due to its proximity to city centers, prices naturally rose for those apartments that were put on the resale market, based upon supply & demand. Even as the resale market became vibrant, HDB still continued to build & sell new apartments at cost price, which had equally naturally risen due to material & labour inflationary pressures beyond any govt's control, with current prices such as a new 4rm flat at around $200k, compared to resale 4rm at $800,000 in popular estates.
Just as the average income of citizens back in the 60s was only $300/mth, the current price of the new unit is only reflective of the rise in average income today at $3.5k to $5,000/mth, affordable to & only for citizens.
With its original IDEAL of HDB in mind - homes for citizens - apartments were never meant for the next generations, thus its 99 yr lease, as new owners may not live past 99yrs. Their kids can still afford new flats in the future, based upon the new & ever rising average incomes, in tandem with what their parents had bought decades ago with their mere average incomes back then.
Some presumed wrongly that when a HDB flat reaches 99yrs, it would be torn down. It may not necessary so, if engineers find that it is still sturdy enough for habitation, especially for those in estates where there are height restrictions due to air flight corridors & cannot be build any higher. With just mere facade upgrading works, re-wiring, pipes, etc, it can be either be resold to the new generations at a fraction of the current resale price, OR turned into hospice apartments for the elderly. It would save both future citizens funds & taxpayers revenue from need to tear down & rebuilt.
As for private apartments on 99yrs lease, they are costly & often well maintained with monthly conservancy bills in thousands, compare to mere tens for HDB. Thus when they reached maturity, it will belong back to citizens under the current govt then, whom will upgrade it with only minimal costs & turn into public housing for future generations at a fraction of the cost it took to build.
For those who paid millions for resale HDB apartments or 99 yrs lease Private apartments, they only had created a time bomb for themselves because when the lease is up, they would lose everything, or at the least be satisfied that they had a shelter of their personal choice for decades & their next generations will have to queue up for HDB homes like every citizen then, if they choose to. None would be left behind.
For those whose apartments were selected for SERs, they do have a choice - either sell at a profit today & use those profits which would help them purchase a similar unit nearby OR if they are elderly & have no funds, to take the new taxpayer's offer of $55,000 cash & move-in to a new replacement flat with 50 yrs lease ( as most will not be able to biologically live beyond 100 yrs old. If so, there will be other schemes, as we Singapore will take care of our own )
There was no intention by leaders to profit from such apartments even though Singapore practices Free Market policies. However as each took loans for those apartments, & due to its proximity to city centers, prices naturally rose for those apartments that were put on the resale market, based upon supply & demand. Even as the resale market became vibrant, HDB still continued to build & sell new apartments at cost price, which had equally naturally risen due to material & labour inflationary pressures beyond any govt's control, with current prices such as a new 4rm flat at around $200k, compared to resale 4rm at $800,000 in popular estates.
Just as the average income of citizens back in the 60s was only $300/mth, the current price of the new unit is only reflective of the rise in average income today at $3.5k to $5,000/mth, affordable to & only for citizens.
With its original IDEAL of HDB in mind - homes for citizens - apartments were never meant for the next generations, thus its 99 yr lease, as new owners may not live past 99yrs. Their kids can still afford new flats in the future, based upon the new & ever rising average incomes, in tandem with what their parents had bought decades ago with their mere average incomes back then.
Some presumed wrongly that when a HDB flat reaches 99yrs, it would be torn down. It may not necessary so, if engineers find that it is still sturdy enough for habitation, especially for those in estates where there are height restrictions due to air flight corridors & cannot be build any higher. With just mere facade upgrading works, re-wiring, pipes, etc, it can be either be resold to the new generations at a fraction of the current resale price, OR turned into hospice apartments for the elderly. It would save both future citizens funds & taxpayers revenue from need to tear down & rebuilt.
As for private apartments on 99yrs lease, they are costly & often well maintained with monthly conservancy bills in thousands, compare to mere tens for HDB. Thus when they reached maturity, it will belong back to citizens under the current govt then, whom will upgrade it with only minimal costs & turn into public housing for future generations at a fraction of the cost it took to build.
For those who paid millions for resale HDB apartments or 99 yrs lease Private apartments, they only had created a time bomb for themselves because when the lease is up, they would lose everything, or at the least be satisfied that they had a shelter of their personal choice for decades & their next generations will have to queue up for HDB homes like every citizen then, if they choose to. None would be left behind.
For those whose apartments were selected for SERs, they do have a choice - either sell at a profit today & use those profits which would help them purchase a similar unit nearby OR if they are elderly & have no funds, to take the new taxpayer's offer of $55,000 cash & move-in to a new replacement flat with 50 yrs lease ( as most will not be able to biologically live beyond 100 yrs old. If so, there will be other schemes, as we Singapore will take care of our own )
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